Imcome Tax Jat Akarni patrak excel file. Imcome Tax Calculator 2019.
Who is required to file ITR?
As per section 139(1) of the Income Tax Act, 1961, any individual whose total income in the financial year exceeds income tax exemption limit (Rs. 2.5 lakh for FY 19) is liable to file the income tax return. Apart from that any private or public company based out of India or doing business in India, firms, Hindu Undivided Family (HUFs), Association of Persons (AOP), Body of Individual (BOI) etc. are also liable to declare net profits/losses of the year and pay their tax liability by filing ITR.
The Income Tax Department of India has made it compulsory for individuals to file income tax returns. Individuals that need to file income tax returns are as follows:
- A person with an age lesser than 60 years has an annual income greater than Rs.2.5 lakh.
- A person with an age between 60 years and 80 years and has an annual income of Rs. 3 lakh or more.
- A person who is above the age of 80 years and has an annual income of more than Rs. 10 lakh.
- A company or an organisation is bound to file for an income tax return no matter if the company is in loss or profit.
- If there is a loss which you want to carry forward under the head of income.
- If a resident Indian has an asset or any financial interest in an entity situated outside the geographic territory of the country.
- If an individual applies for a loan or a visa, a proof of filing tax returns might be required.
- If an individual receives income from property that is held under any kind of trust for charitable purposes or any research association, educational centre or any medical centre, trade union or any non-profit university.
If a non-resident Indian has his/her income sources from India, then he/she is also liable to pay the taxes and also to file Income Tax Returns.
Created by Suleman Bhovaniya.
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